Shares in tech giant Apple (AAPL) were lower today as it faced a competition investigation over the prices of its tablets and phones in Turkey.
Probe into Resale Prices
The Turkish Competition Board said it had launched an investigation into five companies, including Apple, over allegations of price coordination. Indeed, it is asking whether Apple violated Law No. 4054 on the Protection of Competition by dictating resale prices for its products in Turkey.
The probe is largely focused on a number of Apple’s resellers in Turkey – Destek Bilişim, Easycep, Getmobil, and HB Bilişim – and examining claims that they set resale prices and promotional conditions under Apple’s influence.
In addition, Apple is facing accusations of coordinating buyback prices for its products with other firms in Turkey. In a statement, the authority said: “The preliminary inquiry into Apple’s influence on the pricing of resold computers, tablets, smartphones, headphones, and accessories has been completed. Based on the findings, a formal investigation has been initiated into Apple and its business partners.”
No Turkish Delight for Apple
Apple has had its issues with Turkey before. Last year, the Turkish Competition Board launched an investigation into contracts made by Apple with application developers and its refusal to allow alternative payment systems on the App Store.
Earlier this month, P.A. Turkey reported that the Turkish Competition Authority was seeking legislation to prevent dominant digital platforms from favoring their services in search results, app stores, and marketplaces. It would also look to introduce measures to enhance user freedom, data transparency, and fair business practices.
One key provision will require platforms with closed ecosystems—such as Apple—to allow third-party app installations outside their proprietary stores.
Although not part of the EU, Turkey is the latest country in Europe to crack down on U.S. tech, particularly over competition concerns.
Is AAPL a Good Stock to Buy Now?
On TipRanks, AAPL has a Moderate Buy consensus based on 17 Buy, 11 Hold and 4 Sell ratings. Its highest price target is $325. AAPL stock’s consensus price target is $249.88 implying an 12.80% upside.
